In this episode, we’re going to talk about five really horrible mistakes that new real estate investors make. These mistakes are horrible because they keep people from getting started, and that’s what this podcast is all about. I’m a huge proponent of tough love, so in this episode I’m going to be very honest with you about what I see new real estate investors doing. Not everyone is going to be successful in business, but these are the things that keep you from finding out if you even have what it takes.
See if any of these mistakes that new real estate investors make resonate with you, and if they do, let’s see what you can do to turn things around.
1. They don’t educate themselves enough
I know this podcast is called Just Start Real Estate, but I don’t want you to start before you have any shred of knowledge about this industry. You need to arm yourself with basic education, whether that comes from a mentor, coach, comprehensive program, book, or website. Then, you can go out there and just start. There’s no shortage of information out there.
2. They educate themselves too much
It’s possible, and I was guilty of this. An aspiring real estate investor might start educating themselves (like they should): they read websites, they buy books, they hire a mentor or coach, they get into a program, they learn and they learn and they learn, and pretty soon they’ve gotten so much information that they get analysis paralysis. They get overwhelmed by the information available to them, and they feel like they never know enough. They educate themselves endlessly and never actually get started.
3. They allow themselves to get caught up in unimportant activities
I’ve talked about these before, but let’s quickly define “unimportant activities” again. These might be: ordering business cards, designing logos, t-shirts, finding a domain name etc. In my opinion, these are a complete waste of time for a brand new real estate investor. Even forming a business entity is a waste of time until you’ve done your first deal. Focus on finding money and finding deals, and don’t get caught up in the busywork.
4. They fail to take massive action
A lot of investors will do one action, and then just wait and see what happens. For example, they might put in an offer on a house, and then just sit back until they hear back. Take massive action, and by that I mean take multiple action steps simultaneously. Put in five offers on five different houses, go to a meeting every week, make appointments with experienced investors, go knocking on doors. Do as many of these at once as you can cram into your schedule. If you don’t, it will take forever to get your business off the ground.
5. They make excuses
There’s always a reason why new real estate investors can’t do this business, or why they can’t find deals, or why their market is no good, or why they don’t have enough time or money. I can tell you from first-hand experience that every successful real estate investor has overcome some or all of these obstacles. There really is no great excuse not to get started.
This business is not rocket-science. But it requires a lot of hard work and a lot of focus, especially in the beginning. Go out there and make it happen. If you find yourself going back to any one of these mistakes, send me an email and I’ll be happy to help you get around the obstacle.